Banking is an industry that has undergone some significant changes in the last few decades. Only a generation ago, most banking transactions were conducted in person at a local branch, with payments and withdrawals being made with the help of banking staff. With the rise of ATMs, withdrawing money has become significantly easier and more accessible, and today billions of transactions are carried out by the public with little more than a smartphone, an internet connection, and a debit or credit card.
Banking has become truly modernized in a relatively short space of time. As a result of the convenience of online banking facilities and payments by phone, many consumers in the current generation do not feel the need to carry money physically on their person. One factor that remains constant is the need for banks to provide exceptional customer service to attract and retain a loyal customer base. This article explains three key ways in which this can be achieved.
Making onboarding simple but secure
The onboarding process for new customers at a bank can often be time-consuming and cause frustration. There is a need to balance KYC verification processes and other security concerns by ensuring that delays in onboarding are kept to a minimum. Delays in digital onboarding or creating a process requiring the customer to restart timed out applications can result in the loss of custom before onboarding is completed. The onboarding process for both digital customs and onboarding completed in the branch must be effective and smooth. One way modern banking methods are helping to make onboarding a less arduous (but still secure) process is by applying machine learning techniques that allow automated decisions to be made for new customers. This process relies on having a wealth of stored information from previous customers to create rules for new customers.
Create a seamless omnichannel customer experience
Some banking customers will always prefer to open a new account in person or discuss financial matters face-to-face rather than by remote methods. The challenge for modern banking that demonstrates exceptional customer service is providing a seamless experience regardless of how customers interact with them. Whether by telephone banking, online banking, or being in a branch, the overall customer experience should meet and exceed expectations. Customers should be able to get answers quickly and easily online to many of their questions and queries. Chatbots and other AI can facilitate this, but a human assistant must efficiently back them up should the query not be suitably resolved.
Listen to feedback and act on information
Knowing customers’ habits and effectively acting on the information gathered can allow banks to serve their customer base better. Using analytics software in customer behavior and machine learning can allow banks to build a comprehensive profile of their clients. This information can then be used proactively to offer the customer products and services that may be of interest to them before the customer realizes that they have a need for this product or service. In addition, banks should routinely ask for customer feedback on their experiences in multiple areas of banking, from onboarding to raising complaints. Once again, the intelligent analysis of this feedback can lead to service improvement ideas that serve to drive a culture of continuous advancement in customer service.